OK, perhaps I should place some more background information.
I found an '86 SVO for sale on AutoTrader.com listed in Watertown SD, which is about 90 miles from me. I've been wanting to pick up another SVO for awhile, as the first has proven to be a valuable investment for me. I have just been keeping my eyes open for something to show up. I immediately call the guy, (Tuesday, June 25th) and arrange a time to come and look at the car. He was asking $2900/offer for the car.
I drive the hour to check out the car (same day) and spend about 3 hours looking it over. It needs exhaust, a passenger door, and the A/C fixed. Other than that, it's in pretty good shape and only 80 some thousand miles on it. It runs great, pulls strong! I'm stoked, I want this car.
I start haggling on the price. I start by lowballing him and offered $2,000 for it. He counters me at $2,500. I ask him if he will meet me in the middle at $2,250. He says he would take $2,300. I agreed. I asked him if he would hold the car for me provided I got back in touch with him by 7pm the next evening so I could discuss it with my wife quick. He said sure thing and we said our goodbyes.
Well, I talk to the wife and she says that SVO 2 is a go. I go to the bank the next day (Wednesday, June 26th) and got a loan for the car. I then called my insurance company and put insurance on the car since I was going up to get it that night. I call the guy back at 6:15pm to tell him that I am for sure purchasing it. He says that's great. I once again confirmed the $2300 purchase price. I told him that I was going to get a friend of mine to come pick it up with me so I could drive it home. He says no problem.
I get my friend and call him to let him know that I'm on my way. He says that something came up, and I'll have to go get it the next day (Friday). I said sure thing. So I arranged for a buddy from work to come with me and get it on Friday night.
I get a call from him on my voice mail at work about 2:30pm. I deleted it accidently, but he says "Somebody showed up over his lunch hour and offered him almost his original asking price for the car so he sold it". He didn't even give me a chance to up my price!! So, I had a loan, and insurance on a car that got sold out from under me.
I called my attorney. The law is called "Specific Performance of an Oral Contract". He essentially broke the law by violating our agreement. The problem is proving it since it's an ORAL agreement. I figured I'd take my chances and file a lawsuit anyway.
I have since purchased another SVO but for substantially more money.
Here's what evidence I have to back my story. Dated copy of my Loan Papers listing the SVO as collateral. Dated and TIMED copy of my insurance policy showing the addition of the new SVO. Dated copy of my bank account records showing a cash withdrawl of EXACTLY $2,300. Pictures of the car in question taken with my digital camera. Phone records showing my calls to the guy to back my testimony. The copy of his advertisement as listed on AutoTrader. Copy of my bill of sale and title for the new one I purchased (to establish market value). NADA Value price sheet for an '86 mustang SVO showing Low retail of $5650.
What am I sueing for?
Loan origination fee: $80
Loss Of Investment : $2,375
How did I come to loss of investment? Well, I took the low Retail Value from NADA ($5,675). Subtracted $1,000 to cover it's needed repairs. ($4,675) Then, subtracted our agreed upon purchase price ($2,300) to show what I essentially lost on the deal.
The Mustang SVO is a limited production vehicle only produced from 1984 to 1986. Less than 10,000 were ever built. This vehicle has appreciated in value quickly and I was purchasing a second one as an investment.
Thanks
